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What lessons could we learn from this??? Looking back this don't think would have done anything different. Just been let down by the board...simply.
What?
Does anyone want a punt on how long it will take these ********s to pull the plug
1.225p! Knew this would come good :¬)))))))
Are shareholders likely to get anything back here?
That is so obvious its painful to watch! Get a grip you 2, or 1, as the case may be!
Sorry fella no..they have gone bust imo..
Gster - "Creditors 3% ( I assume 3 p in the pound but don't take that as read)" Doesn't sound right to me. In no way would creditors settle for a figure as low as that. There is no mention of the Brazilian fraud money or the other subsidiaries yet.
part of the creditors? I feel hightex have just given our shares to someone else unless we are paid off.
Provide clarity on the groups position as a creditors and subsequently the shareholders poisons as creditors . There is probably more to do in you want but it would seem that all has been concluded . I am going to drop a note to the administrators myself later today. It is possible they won't respond though as whilst a shareholder they probably only need to speak to the board as they represent the shareholders . Will perhaps copy the board in on my note . G
The RNS reads the company ( take that as the group) will receive zero. Creditors 3% ( I assume 3 p in the pound but don't take that as read) Drop a line to the administrators for clarity Key elements be. Are the company noted in the release - the group. Can they pr
Will I get any of my £6K back ?!
Not sure on your assumption Either the business that is to be sold of is deemed not to be under group control Or it is under group control. On the first it may be a debtor to the group from which funds may flow- it would have to be proved why this is the case The latter situation means that any and all sale proceeds would go to whatever priority creditors there were and be distributed in an effective pecking order. They administrators should organise a meeting with the creditors with a summary of the situation. If anyone wants to they can write to the administrators asking for information regarding the process As a shareholder. You could also highlight that you and 10pc of PI would like clarity on the potential sale of the subsid that is under the control of the group . Regarding the shareholder and specialist companies, it's just the administrator and shareholders are way down the pecking order Does anyone have a set of accounts for the business ? Might be worth a look over to estimate net liabilities and assets
the last restructuring officer who joined the board? He was in charge of keeping hightex gmbh afloat. They might need specialist company to deal with the shareholder side of the business. The bit they need to axe so they can sell the gmbh bit off. If they had the shareholder interests in hand they might resturcture to make another go of the company in some form as we know it. But i doubt thats the plan or has been for ages. I hope i'm wrong but if Charles Sebag Montefiore, and Charles Des Forges have no scruples we shall see. This clearly isn't straight forward and shareholding news is non existent.
Ideas?
My interpretation of the RNS is that this a voluntary administration not an administration imposed on the company by the High Court as part of a winding up order. Here the directors have voluntarily called in administrators to try best restructure the PLC. The administrators would certainly take into account matters such as the outstanding £3m owed from the Brazilian joint venture. I have heard nothing more of the sale of the German subsidiary, how much it has been sold for and to whom so it might still be part of Hightex Group Plc. I'm afraid it is still a question of wait and see.
Well we will see what happens.. Hopefully it's over and done with sharply no matter the outcome.
I dont know either! But the last time we has 'restructuring' people in (PKL) thy sold off the company with nothing going to shareholders so i wouldnt hold your breath
I can't tell if this news is making me feel better or worse haha!
Quote from their website.. The restructuring and turnaround specialists Established by five like-minded professionals, who believe the time is right for a fresh approach to resolving business issues.
The old ones found some money for shareholders lol
administrators...
Nothing
?
Personally I blame myself-but the company hasn't been kind to shareholders and I feel now they just will shaft! Hightex was a ship with a big hole in it that gave a false pretence. And a buy out should be great news for the company-but no! These guys built a stadium and didn't get paid-unfortunate or stupid? Who knows but we pay the price. And if somebody wants to buy the prestigious name? The Company that will hire the best lawyer to make sure it can comfortably **** on it's shareholders-it really doesn't sounds that prestigious. They spent their time not seeking new business but talking to someone who would buy the company and we paid for them to do that. Well I hope you buy a dozen oysters and get a bad one! Aufwiedersen pricks